FD Rates Hike: This NBFC is giving strong interest in FD, you can get tremendous returns by investing.

During the last 9 months, the Reserve Bank of India (RBI) has increased the repo rate at frequent intervals to control inflation. After this increase, apart from government and private banks, many non-banking finance companies (NBFCs) have also increased their FD rates. In this series, NBFC Bajaj Finance Ltd has changed the interest rates on its Fixed Deposit (FD).

After the change, Bajaj Finance is offering a maximum interest of 8.10% on FD. The company is running a 44-month special FD scheme, on which it is offering an interest of 8.1 percent. The company's new FD rates have come into effect from January 20, 2023. The highest interest rate of 7.85 percent is being received in FDs of other categories.

Bajaj Finance FD Rates
Apart from this, Bajaj Finance is also offering 39 months of special FD. Senior citizens are getting an interest of 7.85 percent on this FD while the common people are being given the maximum interest of 7.60 percent on the FD. The company is offering special FDs of 15 months, 18 months, 22 months, 30 months, 39 months, and 44 months. 6.80 percent interest is being received on FDs of 12 to 23 months. Common people are getting 6.95 percent interest on a 15-month special FD. Senior citizens will get 7.05 percent interest on FDs of 12-23 months, while 7.20 percent interest will be given on special FDs of 15 months.

RBI has increased the repo rate 5 times in the last year
The Reserve Bank increased the repo 5 times last year. To reduce inflation, the central bank increased the repo rate by another 0.35 percent to 6.25 percent in the bi-monthly monetary policy review on December 7, 2022.

Many banks have increased FD rates
It is noteworthy that recently SBI, PNB, Kotak Mahindra Bank, HDFC Bank, Suryoday Small Finance Bank, Yes Bank, Jan Small Finance Bank, etc. have also increased their FD rates. This process of increasing FD rates started after the increase in repo rates by RBI.